Name of the competition:YCHxNTU Innovation Challenge 2018
About the Competition:The challenge for the YCHxNTU Innovation Challenge is to identify supply chain inefficiencies in the ASEAN region or a city and design and propose innovative solutions that businesses can adopt in their supply chain to support growing consumer demand and expectations.
Date of the competition: Monday, 15th October 2018
Achievement: Runner Up
Prize:Team prize $500
REP Students: Catrina Lim Jia Ler, Ng Tze Yang, Phang Jun Yu
Product/Proposal: YCHain - a blockchain platform to revolutionize tax payments in e-commerce
Description: In many Southeast Asian countries, duties and taxes are often paid once a good crosses borders. This is extremely pertinent in e-commerce. When customers return the product, this tax should be refunded back to the business. However, due to a lack of proper tracking system, the current method for reclaiming this tax is messy and complicated and businesses are forced to write these taxes off as a loss. In the bigger picture, implementing a blanket tax on e-commerce for many SEA countries is in fact difficult due to the lack of tracking and compliance measures. They propose a novel solution using a blockchain platform to track the flow of all cross-border products. The platform utilizes smart contract technology to verify and automatically process all necessary tax payments. Blockchain allows for a trust-less system which all parties can participate in and the automation of these processes allow for complete compliance, seamless processing and the ability to implement large-scale tax solutions.
Their team pitched the idea in great detail, coming up with a comprehensive analysis of the problem, elaborate solution plan , the implementation road-map and sound financial projections. We also consulted the multiple stakeholders in the industry repeatedly to better refine our idea and have learnt so much about the exciting supply chain industry in the process.